SINO broke 1.65 but may face some headwinds

SINO came out strong today as it break from the 1.65 per share resistance level but it is currently facing resistance from the upper slope of the upward channel. The newly found support 1.65 may be tested before it will continue to move up. Ichimoku elements continue to be in a bullish setup but RSI or Relative Strength Index is at the overbought level. We need to monitor the RSI as it might create a bearish divergence. If you want to add more shares, it would be best to wait for a pull back at 1.65 or a break from the resistance slope.

Caveat!

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felix

A computer engineer by profession and loves to develop online systems/websites. A self-taught stock trader who loves to share his knowledge and enjoys learning, expanding knowledge and staying well-informed. Most often he uses candlesticks, Fibonacci Retracement levels, Ichimoku system on his technical analysis but loves to hear some rumors as well.

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